Eloelo Secures $13.2 Mn in Series B Round Led by Play Ventures to Strengthen Its Social Gaming Pus

Live social entertainment platform Eloelo has raised INR 114.3 Cr ($13.2 Mn) as part of its Series B funding round, signaling strong investor confidence in the platform’s unique blend of live streaming and social gaming. The round was led by gaming-focussed VC firm Play Ventures Investments, with participation from top investors including Kalaari Capital, WaterBridge Capital, Gameskraft Technologies, MIXI, Courtside Ventures, Rocket Capital, and Griffin Gaming Partners.

According to filings with the Registrar of Companies (RoC), Eloelo passed a special board resolution on April 4 to issue 1,696 Series B CCPS (Compulsorily Convertible Preference Shares) at an issue price of INR 6.73 Lakh per share.

Investor Contributions:
    •    Play Ventures: INR 34.71 Cr
    •    Gameskraft Technologies: INR 21.7 Cr
    •    Kalaari Capital: INR 13 Cr
    •    WaterBridge, Courtside Ventures & MIXI: INR 8.69 Cr each
    •    Rocket Capital: INR 9.57 Cr

Post-investment, Kalaari Capital holds 6.35%, while Play Ventures and Courtside Ventures now own 3.38% and 4.46% of Eloelo, respectively.

From Virtual Tambola to Venture Capital

Founded in 2020 by Saurabh Pandey and Akshay Dubey, Eloelo enables creators and users to host and participate in casual, community-driven games like tambola, antakshari, and musical chairs. The platform has carved a niche by blending interactive entertainment with social experiences, distinguishing itself from traditional short-video platforms.

This Series B round follows Eloelo’s $22 Mn pre-Series B raise in September 2023, led by Courtside Ventures and Griffin Gaming Partners. With the latest funding, Eloelo’s total capital raised now exceeds $50 Mn.

Battling Losses, Betting on Growth

Despite a rapid rise in user base and investor backing, Eloelo remains pre-revenue, and its net losses surged by 128%, reaching INR 99.06 Cr in FY24, compared to INR 43.35 Cr in FY23, as per Tofler data.

Yet, this fundraise comes amid broader shifts in India’s social media and gaming ecosystem. Legacy platforms like ShareChat and Chingari, once flush with capital, are grappling with falling engagement and uncertain monetization. In contrast, Eloelo and other emerging platforms are pivoting into live and casual gaming to boost retention and revenue.

What’s Next for Eloelo?

With new funding in hand, Eloelo is expected to double down on product innovation, creator monetization tools, and community engagement features. The strategic move into interactive entertainment, backed by global investors, may well position Eloelo as a key player in India’s evolving digital media landscape.